BESTCONSULTANT ONLY

Does fraud still exist in financial reporting?

A financial reporter recently suggested that over 90% of all companies prepare statements that are in accordance with Generally Accepted Accounting Principles (GAAP). If this statement is true and the assumptions are correct, why is there concern that financial statements may still contain fraudulent information? Can financial information be reported according to GAAP and still be fraudulent?

NEED TO ANSWER ALL QUESTIONS AND BE AT LEAST A PARAGRAPH. NEED REFERENCE AS WELL. THANK YOU